SCHEME OF WORK
1. Economic System; Capitalism, Socialism, And Mixed Economy.
2. Alternative Economic System
3. Mixed Economy
4. National Income
5. Measurement of National Income
6. National Income Accounting
7. Elementary Theory Of National Income Determination
8. International Trade
9. Barriers Or Problems Of International Trade.
WEEKS TOPICS
WEEK 1: DEMAND & SUPPLY
WEEK 2: DEMAND & SUPPLY
WEEK 3: DEMAND & SUPPLY
WEEK 4: DEMAND & SUPPLY
WEEK 5: DEMAND & SUPPLY- THEORY OF PRICE DETERMINATION
WEEK 6: THEORY OF PRICE DETERMINATION - PRICE CONTROL/LEGISLATION
WEEK 7: THEORY OF COST AND REVENUE CONCEPT
WEEK 8: THEORY OF COST AND REVENUE CONCEPT
1ST TERM
WEEK 1
Topic:- Economic system; capitalism, socialism, and mixed economy.
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Capitalism; definition, features and advantages.
Behavioral Objective:- By the end of the lesson, the students should be able to;
a) define economics system.
b) classify it into capitalism
c) explain capitalism and its features
Content:- Economic system may be define as the method or arrangement by which the means to production of a country is managed and distributed to the various sectors of the economy in order to achieve in even distribution.
It can be classified in capitalism, socialism and mixed economies.
What then is capitalism?
It can simply be defined as a type of economic system in which most of the means of production or resources are owned and controlled by private individuals with government participation at a minimal.
Features of capitalism;
1) Most of the means of production are owned and controlled by private individuals.
2) It is characterized by freedom of choice and enterprises.
3) Profit making is their major aim.
4) There is increased efficiency in it. Etc.
Evaluation:- The students should answer the following questions.
1) explain the term capitalism.
2) List and explain the features of capitalism
Assignment:- The students should write on 5 advantages of capitalism
advantages of capitalism.
Content:- Some of the advantages and disadvantage of capitalism are;
1. in capitalism there is freedom of choice of goods to be consumed
and enter into any type of business.
2. there is high level of efficiency due to the level of profits to be made.
3. there is hard work among individuals due to freedom of ownership of enterprises.
Disadvantages:-
1. there is high level of exploitation.
2. it creates monopoly
3. few individuals are enriched
4. unhealthy rivalry
5. it maximize profit at all cost etc.
Evaluation:- (i) list and explain the advantages and disadvantages of capitalism.
Assignment:- what about socialism, its features and advantages.
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Capitalism; definition, features and advantages.
Behavioral Objective:- By the end of the lesson, the students should be able to;
a) define economics system.
b) classify it into capitalism
c) explain capitalism and its features
Content:- Economic system may be define as the method or arrangement by which the means to production of a country is managed and distributed to the various sectors of the economy in order to achieve in even distribution.
It can be classified in capitalism, socialism and mixed economies.
What then is capitalism?
It can simply be defined as a type of economic system in which most of the means of production or resources are owned and controlled by private individuals with government participation at a minimal.
Features of capitalism;
1) Most of the means of production are owned and controlled by private individuals.
2) It is characterized by freedom of choice and enterprises.
3) Profit making is their major aim.
4) There is increased efficiency in it. Etc.
Evaluation:- The students should answer the following questions.
1) explain the term capitalism.
2) List and explain the features of capitalism
Assignment:- The students should write on 5 advantages of capitalism
advantages of capitalism.
Content:- Some of the advantages and disadvantage of capitalism are;
1. in capitalism there is freedom of choice of goods to be consumed
and enter into any type of business.
2. there is high level of efficiency due to the level of profits to be made.
3. there is hard work among individuals due to freedom of ownership of enterprises.
Disadvantages:-
1. there is high level of exploitation.
2. it creates monopoly
3. few individuals are enriched
4. unhealthy rivalry
5. it maximize profit at all cost etc.
Evaluation:- (i) list and explain the advantages and disadvantages of capitalism.
Assignment:- what about socialism, its features and advantages.
WEEK 2
Topic:- Alternative Economic System
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Socialism definition, features and advantages
Behavioral Objective:- By the end of the lesson, the students should be able to;
a) define socialism
b) Lists and explain the points and
c) state and explain the advantages of socialism.
Content:- Socialism may be defined as an economic system in which most of the factors of production are owned and controlled by the government but with minimum participation of individuals in the economic activities of the economy. Countries that practice socialism are Yugoslavia and some countries in Eastern Europe.
Features;
1) Government controls most of the factors of production
2) The distribution of goods and services are done by the government or its agents.
3) Price of commodities and services are determined by price control.
4) There is high level of dictatorship etc.
Evaluation:-
1) The students should define socialism in turn.
2) They should list and explain the features.
Assignment:- List and explain the advantages of socialism.
Sub-topic:- Disadvantages of socialism
Behavioral objective:- By the end of lesson, the student should able to list and explain the disadvantages of socialism.
Content:- Despite the fact that it has some advantages that are beneficial to the citizens of the country. It tends to affect them negatively they include;
1. There is some level of dictatorship.
2. There is little room for the satisfaction of individuals’ wants of the consumers.
3. it is characterized by high level of inefficiency etc.
Evaluation:- list and explain turn the disadvantages of socialism.
Assignment:- (a) define a mixed economic system. (b) explain its features
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Socialism definition, features and advantages
Behavioral Objective:- By the end of the lesson, the students should be able to;
a) define socialism
b) Lists and explain the points and
c) state and explain the advantages of socialism.
Content:- Socialism may be defined as an economic system in which most of the factors of production are owned and controlled by the government but with minimum participation of individuals in the economic activities of the economy. Countries that practice socialism are Yugoslavia and some countries in Eastern Europe.
Features;
1) Government controls most of the factors of production
2) The distribution of goods and services are done by the government or its agents.
3) Price of commodities and services are determined by price control.
4) There is high level of dictatorship etc.
Evaluation:-
1) The students should define socialism in turn.
2) They should list and explain the features.
Assignment:- List and explain the advantages of socialism.
Sub-topic:- Disadvantages of socialism
Behavioral objective:- By the end of lesson, the student should able to list and explain the disadvantages of socialism.
Content:- Despite the fact that it has some advantages that are beneficial to the citizens of the country. It tends to affect them negatively they include;
1. There is some level of dictatorship.
2. There is little room for the satisfaction of individuals’ wants of the consumers.
3. it is characterized by high level of inefficiency etc.
Evaluation:- list and explain turn the disadvantages of socialism.
Assignment:- (a) define a mixed economic system. (b) explain its features
WEEK 3
Topic:- Alternative Economic System
Reference books:-
1. Essential Economics for SSS by R.A.I. Anyawuocha
2. Fundamental Economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Econimics for West African SSS by J.O.C. Ezeobi.
Topic:- Mixed Economic
Sub-topic:- Definition, features and advantages
Behavioral objective:- By the end of lesson, the student should able to; (a) define mixed economy
(b) list and explain the feature
c) state their advantages
Content:- A mixed economy can be defined as an economic system in which there exist some elements of capitalism and socialism. That is the factors of production are partly owned by the government and private individuals.
Features of A Mixed Economy:
1. There is the tendency of government and private individuals owning productive resources.
2. There are both motives of producing for profit making and provision of welfare services. etc
3. decisions are jointly taken etc.
Advantages of A mixed Economy
1. It encourages private initiatives
2. There is freedom of choice
3. Equitable distribution of income
4. It ensures economic development etc.
Evaluation:- the students should list and explain the features a nd advantages in turns.
Assignment:- writing short notes on the disadvantages of a mixed economy.
Reference books:-
1. Essential Economics for SSS by R.A.I. Anyawuocha
2. Fundamental Economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Econimics for West African SSS by J.O.C. Ezeobi.
Topic:- Mixed Economic
Sub-topic:- Definition, features and advantages
Behavioral objective:- By the end of lesson, the student should able to; (a) define mixed economy
(b) list and explain the feature
c) state their advantages
Content:- A mixed economy can be defined as an economic system in which there exist some elements of capitalism and socialism. That is the factors of production are partly owned by the government and private individuals.
Features of A Mixed Economy:
1. There is the tendency of government and private individuals owning productive resources.
2. There are both motives of producing for profit making and provision of welfare services. etc
3. decisions are jointly taken etc.
Advantages of A mixed Economy
1. It encourages private initiatives
2. There is freedom of choice
3. Equitable distribution of income
4. It ensures economic development etc.
Evaluation:- the students should list and explain the features a nd advantages in turns.
Assignment:- writing short notes on the disadvantages of a mixed economy.
WEEK 4
Topic:- national income
Sub-topic:- definition, concepts and methods of measurement.
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- definition and concepts of national Income
Behavioral Objective:- By the end of the lesson, the students should be able to;
a) define the term national income
b) Lists and explain the concepts of national income.
Content:- national income can be defined as the total monetary value of the goods and services produced in a country for a given period of time usually a year.
Some concepts of national income includes:
1) gross national product
2) Gross domestic.
3) disposable income
4) standard of living
5) cost of living etc.
Evaluation:-
1) Define the term ‘national income’
2) list and explain each concept of national income.
Assignment:- write short note on the methods for measuring national income.
Sub-topic:- Problems encountered in measuring national income.
Behavioral objective:- By the end of lesson, the student should able to (a) list and explain the various methods of measuring national income
(b) state the problems encountered in measuring each and the general problems common to all.
Content:- Several problems are encountered in measuring national income. These include;
1. Do-it yourself services.
2. Illiteracy.
3. double counting
4. predominance of subsistence production.
5. Changes in the value o money.
6. Problem of depreciation value etc.
Evaluation:- list and explain the various problems associated with measuring national income.
Assignment:- Write short notes on the uses of national income figures
Sub-topic:- definition, concepts and methods of measurement.
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- definition and concepts of national Income
Behavioral Objective:- By the end of the lesson, the students should be able to;
a) define the term national income
b) Lists and explain the concepts of national income.
Content:- national income can be defined as the total monetary value of the goods and services produced in a country for a given period of time usually a year.
Some concepts of national income includes:
1) gross national product
2) Gross domestic.
3) disposable income
4) standard of living
5) cost of living etc.
Evaluation:-
1) Define the term ‘national income’
2) list and explain each concept of national income.
Assignment:- write short note on the methods for measuring national income.
Sub-topic:- Problems encountered in measuring national income.
Behavioral objective:- By the end of lesson, the student should able to (a) list and explain the various methods of measuring national income
(b) state the problems encountered in measuring each and the general problems common to all.
Content:- Several problems are encountered in measuring national income. These include;
1. Do-it yourself services.
2. Illiteracy.
3. double counting
4. predominance of subsistence production.
5. Changes in the value o money.
6. Problem of depreciation value etc.
Evaluation:- list and explain the various problems associated with measuring national income.
Assignment:- Write short notes on the uses of national income figures
WEEK 5
Topic:- Measurement of National Income
Reference books:-
1. Fundamental of economics for SSS by R.A.I. Anyawuocha
2. Essential economics for SSS by CE Ande
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
4. Round-up Economics for SSS by Falodun A.B. et el
Sub-topic:- Methods of measuring N.I. problems associated with each.
Behavioral Objective:- By the end of the lesson, the students should be able to;
a) explain each method of measuring national income.
b) states the problems associated with each method.
Content:- National income can be measured though 3 main approaches these are;
1) Income method
2) Output.
3) Expenditure method
Evaluation:- The students should in turn explain the three methods of
measuring national income.
Assignment:- write short note on the problems encountered in measuring national income
Sub-topic:-General problems of nation income
Behavioral objective:- By the end of lesson, the student should able to (a) recollect the measures for measuring national incomes.
(b) list and explain the general problems encountered when measuring national income,
Content:- Some of the problems encountered when measuring national income are;
1. problem of double counting
2. inadequate data
3. illiteracy
4.Constant changes in the value of money
5. depreciation problem
6. illegal transactions such as drug trafficking, prostitution and armed
robbery.
Evaluation:- the students should in turn explain the explain the problems associated with all.
Assignment:- Write short notes on the uses of national income.
Reference books:-
1. Fundamental of economics for SSS by R.A.I. Anyawuocha
2. Essential economics for SSS by CE Ande
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
4. Round-up Economics for SSS by Falodun A.B. et el
Sub-topic:- Methods of measuring N.I. problems associated with each.
Behavioral Objective:- By the end of the lesson, the students should be able to;
a) explain each method of measuring national income.
b) states the problems associated with each method.
Content:- National income can be measured though 3 main approaches these are;
1) Income method
2) Output.
3) Expenditure method
Evaluation:- The students should in turn explain the three methods of
measuring national income.
Assignment:- write short note on the problems encountered in measuring national income
Sub-topic:-General problems of nation income
Behavioral objective:- By the end of lesson, the student should able to (a) recollect the measures for measuring national incomes.
(b) list and explain the general problems encountered when measuring national income,
Content:- Some of the problems encountered when measuring national income are;
1. problem of double counting
2. inadequate data
3. illiteracy
4.Constant changes in the value of money
5. depreciation problem
6. illegal transactions such as drug trafficking, prostitution and armed
robbery.
Evaluation:- the students should in turn explain the explain the problems associated with all.
Assignment:- Write short notes on the uses of national income.
WEEK 6
Topic:- National Income Accounting
Reference books:-
1. Fundamental of economics for SSS by R.A.I. Anyawuocha
2. Essential economics for SSS by CE Ande
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
4. Round-up Economics for SSS by Falodun A.B. et el
Sub-topic:-Problems of comparing of per capita income of Different countries.
Behavioral objective:- By the end of the lesson, the student should able to identify the various reasons or problems encountered in comparing the per capita incomes of different countries.
Content:- The problems of computing national incomes of different countries are as follows;
1. Insufficient technical experts
2. subsistence production
3. Problems of inflation
4. Domestic services
5. differences in cost of production
6. taste and tradition etc.
Evaluation:- the students should in turn explain the explain the problems comparing the national incomes of different countries.
Assignment:- Write short notes on the limitations to the use of national income figures of a country.
Reference books:-
1. Fundamental of economics for SSS by R.A.I. Anyawuocha
2. Essential economics for SSS by CE Ande
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
4. Round-up Economics for SSS by Falodun A.B. et el
Sub-topic:-Problems of comparing of per capita income of Different countries.
Behavioral objective:- By the end of the lesson, the student should able to identify the various reasons or problems encountered in comparing the per capita incomes of different countries.
Content:- The problems of computing national incomes of different countries are as follows;
1. Insufficient technical experts
2. subsistence production
3. Problems of inflation
4. Domestic services
5. differences in cost of production
6. taste and tradition etc.
Evaluation:- the students should in turn explain the explain the problems comparing the national incomes of different countries.
Assignment:- Write short notes on the limitations to the use of national income figures of a country.
WEEK 7
Topic:- Elementary Theory of national Income Determination Continues.
Reference books:-
1. Fundamental of economics for SSS by R.A.I. Anyawuocha
2. Essential economics for SSS by CE Ande
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
4. Round-up Economics for SSS by Falodun A.B. et el
Sub-topic:- The concepts of APC, APS, MPC, MPS, and the multiplies.
APS: it is the average tendency for a workers to save act of his/her
Disposable income.
APS = level of saving
Level of disposable income
APC: It is the ratio of consumption saving to the disposable income.
APC = level of consumption
Level of disposable income
Marginal propensity to save: it is simply defined as the change in consumption that occur due to a change I income.
MPC = change in consumption
Change in income
Marginal propensity to consumer: it can be defined as the change in savings due to a change in income.
MPC = in saving
in disposable income
The multiplier: It is the ratio of a change in income to a change I any of the component of total spending.
Multiplier (IC) = 1 or 1
1-MPC MPS
If the MPC is 0.75, calculate the multiplier by how much consumption expenditure be increased to national income of N2000?
Multiplier (IC) = 1 = 1 = 4
1 – 0.75 0.25
M = Y
C
Ie, 4 = N2000
C
4 X C = N2000
:. C = N2000
4
C = N500
Evaluation:- The student should solve these to evaluate the topic.
(1) Disposable income consumption exp.
A 9000 9100
B 10,000 10,000
(2) Disposable Y after tax = N10,000 A
Disposable Y after tax = N 11000 (B)
Conclusion:- solving of the above exercises.
Assignment:- write short notes on the factors that affect multipliers.
Sub-topic:-Equilibrium level of income
Behavioral objective:- By the end of the lesson, the student should able to (a) define the term equilibrium level of income and (b) examine what results into an equilibrium.
Content:- Equilibrium level of income may be defie as a situation where the total amount people wish to save equals total investment of business units.
For equilibrium level of national income to be maintained, the volume of total withdrawal from the circular flow of income must equal injection into the circular flow.
Evaluation:- define equilibrium level of national income. (b) how can this be maintained?
Assignment:- (a) define the term ‘International trade’ (b) list and explain the types. (c) write on 5 reasons for countries engaging in international trade.
Reference books:-
1. Fundamental of economics for SSS by R.A.I. Anyawuocha
2. Essential economics for SSS by CE Ande
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
4. Round-up Economics for SSS by Falodun A.B. et el
Sub-topic:- The concepts of APC, APS, MPC, MPS, and the multiplies.
APS: it is the average tendency for a workers to save act of his/her
Disposable income.
APS = level of saving
Level of disposable income
APC: It is the ratio of consumption saving to the disposable income.
APC = level of consumption
Level of disposable income
Marginal propensity to save: it is simply defined as the change in consumption that occur due to a change I income.
MPC = change in consumption
Change in income
Marginal propensity to consumer: it can be defined as the change in savings due to a change in income.
MPC = in saving
in disposable income
The multiplier: It is the ratio of a change in income to a change I any of the component of total spending.
Multiplier (IC) = 1 or 1
1-MPC MPS
If the MPC is 0.75, calculate the multiplier by how much consumption expenditure be increased to national income of N2000?
Multiplier (IC) = 1 = 1 = 4
1 – 0.75 0.25
M = Y
C
Ie, 4 = N2000
C
4 X C = N2000
:. C = N2000
4
C = N500
Evaluation:- The student should solve these to evaluate the topic.
(1) Disposable income consumption exp.
A 9000 9100
B 10,000 10,000
(2) Disposable Y after tax = N10,000 A
Disposable Y after tax = N 11000 (B)
Conclusion:- solving of the above exercises.
Assignment:- write short notes on the factors that affect multipliers.
Sub-topic:-Equilibrium level of income
Behavioral objective:- By the end of the lesson, the student should able to (a) define the term equilibrium level of income and (b) examine what results into an equilibrium.
Content:- Equilibrium level of income may be defie as a situation where the total amount people wish to save equals total investment of business units.
For equilibrium level of national income to be maintained, the volume of total withdrawal from the circular flow of income must equal injection into the circular flow.
Evaluation:- define equilibrium level of national income. (b) how can this be maintained?
Assignment:- (a) define the term ‘International trade’ (b) list and explain the types. (c) write on 5 reasons for countries engaging in international trade.
WEEK 8
Topic:- International trade
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Definition of international trade, types and differences between home and international trade.
Behavioral objective:- by the end of the lesson, he student should be able to; (a) define international trade (b) list and explain it types. (c) state the differences between home and international trade.
Content Element:- International trade may be defined as the exchange of goods, services and ideas across the boundaries of two or more countries. It is also known as foreign trade.
Types:
There are two major types of international trade. These are; (i) bilateral trade (ii) multilateral trade.
Differences between home trade and international trade;
i) the use of difference currencies
ii) movement of goods across the borders of two or more countries.
iii) there is government control
iv) there are differences in languages.
v) prices of goods are never the same.
Evaluation:- (a) define the term International trade. (b) list and explain the types of international trade that exist in economics. (c) state some of the differences between home and foreign trade.
Assignment:- write short notes on at least 10 reasons for countries engaging in international trade.
Sub-topic:-Problems of international trade
Behavioral objective:- By the end of the lesson, the student should able to (a) list and explain he problems of international trade (b) explain the principles on which this trade is based.
Content:- Some problems are encountered in the course of exchanging goods, ideas and services across two or more countries some of these problems are;
1. problem of distance
2. differences in currencies
3. language problem.
4. tariffs, bans and embargoes
5. natural barriers
6. government policy
Evaluation:- The students should explain in turn the problems encountered in international trade.
Assignment:- explain the principles on which the international trade is based trade.
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Definition of international trade, types and differences between home and international trade.
Behavioral objective:- by the end of the lesson, he student should be able to; (a) define international trade (b) list and explain it types. (c) state the differences between home and international trade.
Content Element:- International trade may be defined as the exchange of goods, services and ideas across the boundaries of two or more countries. It is also known as foreign trade.
Types:
There are two major types of international trade. These are; (i) bilateral trade (ii) multilateral trade.
Differences between home trade and international trade;
i) the use of difference currencies
ii) movement of goods across the borders of two or more countries.
iii) there is government control
iv) there are differences in languages.
v) prices of goods are never the same.
Evaluation:- (a) define the term International trade. (b) list and explain the types of international trade that exist in economics. (c) state some of the differences between home and foreign trade.
Assignment:- write short notes on at least 10 reasons for countries engaging in international trade.
Sub-topic:-Problems of international trade
Behavioral objective:- By the end of the lesson, the student should able to (a) list and explain he problems of international trade (b) explain the principles on which this trade is based.
Content:- Some problems are encountered in the course of exchanging goods, ideas and services across two or more countries some of these problems are;
1. problem of distance
2. differences in currencies
3. language problem.
4. tariffs, bans and embargoes
5. natural barriers
6. government policy
Evaluation:- The students should explain in turn the problems encountered in international trade.
Assignment:- explain the principles on which the international trade is based trade.
WEEK 9
Topic:- International trade continues
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Barriers or problems of International trade.
Behavioral objective:- by the end of the lesson, he student should be able to; (a) list and explain the various barriers to international trade. (b) suggest situations to these problems.
Content Element:- So many problems are encountered in international trade. They include
(i) languages barriers
ii) problem of distance
iii) Differences in currency
iv) tariffs
v) Numerous documents
vi) government policy
vii) trade imbalance
viii) weights and measure etc.
Evaluation:- (a) list and explain the barriers to international trade
Assignment:- write out the disadvantages of international trade.
Sub-topic:- basis/reasons for international trade
Behavioral objective:- By the end of the lesson, the student should able to identify and explain the reasons why countries engage in international trade.
Content:- There are several reasons why countries engage in international trade these are;
1. uneven distribution
2. Differences in climatic condition
3. Differences in taste.
4. Differences in skills
5. expansion of market for products
6. Differences in the use of natural resources etc.
Evaluation:- List and explains reasons for countries engaging in international trade.
Assignment:- The students should read up their notebooks to prepare for their forth coming examinations.
Reference books:-
1. Essential economics for SSS by CE Ande
2. Fundamental of economics for SSS by R.A.I. Anyawuocha
3. Summary of points in Economics for West African SS by J.O.C. Ezeobi
Sub-topic:- Barriers or problems of International trade.
Behavioral objective:- by the end of the lesson, he student should be able to; (a) list and explain the various barriers to international trade. (b) suggest situations to these problems.
Content Element:- So many problems are encountered in international trade. They include
(i) languages barriers
ii) problem of distance
iii) Differences in currency
iv) tariffs
v) Numerous documents
vi) government policy
vii) trade imbalance
viii) weights and measure etc.
Evaluation:- (a) list and explain the barriers to international trade
Assignment:- write out the disadvantages of international trade.
Sub-topic:- basis/reasons for international trade
Behavioral objective:- By the end of the lesson, the student should able to identify and explain the reasons why countries engage in international trade.
Content:- There are several reasons why countries engage in international trade these are;
1. uneven distribution
2. Differences in climatic condition
3. Differences in taste.
4. Differences in skills
5. expansion of market for products
6. Differences in the use of natural resources etc.
Evaluation:- List and explains reasons for countries engaging in international trade.
Assignment:- The students should read up their notebooks to prepare for their forth coming examinations.